The Pine Labs IPO opens on November 7, 2025, and will close on November 11, 2025. The Pine Labs IPO is a book-build issue. The company will raise approximately ₹3,899.91 crore through the IPO, comprising a fresh issue of shares worth ₹2,080 crore and an offer for sale of 82,348,779 equity shares with a face value of ₹1.
The Pine Labs IPO price band is ₹210 to ₹221 per share. The retail share is 10%, QIBs 75%, and HNIs 15%. The Pine Labs IPO will be listed on the BSE and NSE on November 14, 2025. The allotment for the Pine Labs IPO will take place on November 12, 2025.
The company reported revenue of ₹2,327.09 crore in 2025, compared to ₹1,824.16 crore in 2024. The company reported a loss of ₹145.49 crore in 2025, compared to ₹341.90 crore in 2024. Based on the financials, IPO investors should invest in the IPO GMP for the long term.
Pine Labs IPO Details
| IPO Open Date: | November 7, 2025 |
| IPO Close Date: | November 11, 2025 |
| Face Value: | ₹1 Per Equity Share |
| IPO Price Band: | ₹210 to ₹221 Per Share |
| Issue Size: | Approx ₹3,899.91 Crores |
| Fresh Issue: | Approx ₹2,080 Crores |
| Offer for Sale: | Approx 8,23,48,779 Equity Shares |
| Issue Type: | Book Build Issue |
| IPO Listing: | BSE & NSE |
| DRHP Draft Prospectus: |  |
| RHP Draft Prospectus: | |
Pine Labs IPO Market Lot
The Pine Labs IPO minimum market lot is 67 shares with ₹14,807 application amount. The retail investors can apply up-to 13 lots with 871 shares of ₹1,92,491 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 67 | ₹14,807 |
| Retail Maximum | 13 | 871 | ₹1,92,491 |
| S-HNI Minimum | 14 | 938 | ₹2,07,298 |
| B-HNI Minimum | 68 | 4,556 | ₹10,06,876 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
Pine Labs IPO Anchor Investors
| Anchor Bidding Date | November 6, 2025 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | December 12, 2025 |
| lock-in period end date 50% shares (90 Days) | February 10, 2026 |
Pine Labs IPO Dates
The Pine Labs IPO date is November 7 and the close date is November 11. The Pine Labs IPO allotment will be finalized on November 12 and the IPO listing on November 14.
| IPO Open Date: | November 7, 2025 |
| IPO Close Date: | November 11, 2025 |
| Basis of Allotment: | November 12, 2025 |
| Refunds: | November 13, 2025 |
| Credit to Demat Account: | November 13, 2025 |
| IPO Listing Date: | November 14, 2025 |
| IPO Bidding Cut-off Time: | November 11, 2025 – 5 PM |
Promoters and Holding Pattern
- Our Company Does Not Have An Identifiable Promoter.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,05,41,46,853 | -% |
| Promoter Holding Post Issue | 1,14,82,64,500 | -% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company and certain of our Subsidiaries, | ₹870 |
| Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India | ₹60 |
| Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs | ₹760 |
| General corporate purposes and unidentified inorganic acquisitions | – |
About Pine Labs IPO
Incorporated in 1998, Pine Labs is one of the growing Indian merchant commerce companies that offers point-of-sale (POS) solutions, payment processing, and merchant financing services. Its headquarters are situated in Noida, India, the company supports businesses of all sizes that including small to large businesses, with digital payment technologies and services. The company’s portfolio consists of a wide range of offerings such as Smart POS Devices, Buy Now Pay Later (BNPL), Merchant Financing, Loyalty and Gift Solutions, and E-commerce and Online Payment Tools. The company includes 915,731 merchants as of December 31, 2024, serving major consumer brands such as Amazon Pay, LG Electronics, Flipkart Internet Private Limited, and Redington. Moreover, HDFC Bank, Axis Bank, and ICICI Bank are the key customers of the company. The company started its business to grow from just a card payment service provider into a full fintech platform serving India to become a digital and cash-free shopping system.
Pine Labs IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹1,690.44 | ₹1,032.43 | ₹265.15 | ₹9,363.21 |
| 2024 | ₹1,824.16 | ₹1,402.39 | ₹341.90 | ₹9,648.56 |
| 2025 | ₹2,327.09 | ₹1,622.80 | ₹145.49 | ₹10,715.74 |
| June 2025 | ₹653.08 | ₹1,238.41 | ₹4.79 | ₹10,904.32 |
Pine Labs IPO Valuation – FY2025
Check Pine Labs IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | -% |
| ROCE: | -% |
| EBITDA Margin: | -% |
| PAT Margin: | -% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹(1.45) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (4.15)% |
| Net Asset Value (NAV): | ₹(22.43) |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| One97 Communications Limited | (10.35) | (110.98) | (4.69) | 235.54 | 6,900.40 Cr. |
| Zaggle Prepaid Ocean Services Limited | 6.99 | 48.87 | 9.64 | 99.25 | 1,303.76 Cr. |
Founded in 1998, Pine Labs is a leading Indian merchant commerce platform that provides point-of-sale (POS) solutions, payment processing, and merchant financing services. Pine Labs empowers businesses of all sizes, from small retailers to large enterprises, with digital payment technologies and value-added services.
Key Offerings:
Smart POS Devices - Accepts multiple payment types, including credit/debit cards, UPI, mobile wallets, and EMI.
Buy Now Pay Later (BNPL) - Provides instant EMI solutions at the point-of-sale for a variety of consumer goods.
Merchant Financing - Provides short-term working capital loans to merchants through partnerships with financial institutions.
Loyalty and Gift Solutions - Enables brands to offer loyalty programs, digital gift cards, and promotional campaigns.
E-commerce and Online Payment Tools - Provides API and payment gateway services to support digital stores and apps.
As of June 30, 2025, the company had 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions. It served top consumer brands including Amazon Pay, LG Electronics, Flipkart Internet Private Limited, and Redington. Among financial institutions, its key customer base includes HDFC Bank, Axis Bank, and ICICI Bank.
Pine Labs has evolved from a card-based payment solutions provider to a comprehensive fintech platform, playing a key role in transforming India into a cashless, digitally empowered retail economy.
Competitive Strengths
An ecosystem bringing together merchants, consumer brands and enterprises, and financial institutions to enable commercial transactions.
Full-stack, cloud-based, scalable digital infrastructure and transaction platform.
Deep partnerships with large merchants, consumer brands and enterprises, and financial institutions.
Experienced, professional management team